United States Specialty Generics Market to Grow at 9% during 2024-2032, Bolstered by Rising Cases of Life-Threatening Diseases

According to the recent report by IMARC Group, titled “United States Specialty Generics Market Report by Route of Administration (Injectables, Oral, and Others), Therapeutic Application (Oncology, Hepatitis, Multiple Sclerosis, HIV, Other Autoimmune Diseases, and Others), Distribution channel (Retail Pharmacies, Specialty Pharmacies, Hospital Pharmacies) 2024-2032," the United States specialty generics market reached a value of US$ 26.09 Billion in 2023. Specialty generics refer to the generic variants of branded specialty drugs, which are only developed once the patent expires. These drugs are available only on prescriptions and are utilized to treat chronic medical conditions such as cancer, rheumatoid arthritis, inflammatory bowel disease (IBD), HIV, psoriasis, hemophilia, multiple sclerosis, epilepsy, and hepatitis C. As the prevalence of these diseases is rising gradually in the United States, there is a high demand for specialty generic drugs. Moreover, favorable initiatives by the US Food and Drugs Administration (FDA), such as the breakthrough therapy designation, aimed to smoothen the accessibility to these drugs.

United States Specialty Generics Market Trends:

Specialty generic drugs are more cost-effective than their branded counterparts. This can be accredited to the elimination of time-consuming research and development (R&D) activities and low cost requirements for their marketing and promotion. As a result, they help in reducing the overall cost of the treatment, which has increased the inclination toward these drugs. Apart from this, the rising prevalence of life-threatening diseases and the growing geriatric population are contributing to the growth of the market. According to statistics, the United States is experiencing steady growth in the number of cancer cases. In 2020, an estimated 1,806,590 new cancer cases are expected to be diagnosed among adolescents and young adults (15-39 years) and 606,520 people can die from the disease. With these numbers aggravating every year, the demand for specialty generics will increase subsequently. Additionally, several blockbuster drugs will lose patent protection in the near future, which is creating a positive outlook for the market. On account of these factors, the market is expected to grow at a CAGR of 9% during the forecast period (2024-2032). 

Market Summary:

• On the basis of the route of administration, the market has been divided into injectables, oral, and others. Currently, injectables account for the majority of the total market share.
• Based on the therapeutic application, the oncology segment exhibits a clear dominance. Other segments include multiple sclerosis, hepatitis, HIV, other autoimmune diseases, and others.
• On the basis of the distribution channel, the market has been categorized into hospital, retail, and specialty pharmacies. Amongst these, retail pharmacies represent the leading segment.
• The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.

Report Coverage:

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